KPMG Canada invests in bitcoin

The Canadian branch of accounting firm KPMG has invested in bitcoin. According to KPMG Canada, cryptocurrencies are an increasingly mature asset class that will increasingly be part of portfolios. As part of ESG objectives, KPMG Canada also purchased allowances to ensure net zero carbon emissions.

Yesterday, the Canadian branch of the ‘big four’ accounting firm KPMG announced via a press release that it has made an investment in bitcoin. The size of the investment is not yet known.

“Crypto-assets are an increasingly mature asset class ,” KPMG Managing Partner Benjie Thomas said in the press release. ?ǣInvestors such as hedge funds and family offices, and traditional financial services providers such as banks, financial advisors and brokers are exploring offering products and services related to cryptocurrencies. This investment reflects our belief that institutional adoption of crypto assets and blockchain technology will continue grow and become a permanent part of the asset mix.”

Also Advisory Partner Kareem Sadek of the Cryptoasset and enterprise blockchain services team emphasizes that: ?ǣThe cryptoasset industry continues to grow and mature and should be considered by financial services firms and institutional investors?ǥ .

Rigorous risk analysis

The decision was not taken lightly. According to the press release, KPMG Canada performed a rigorous risk assessment in advance regarding regulatory compliance, reputation and governance. It also examined the tax and accounting implications of the investment.

As part of the company’s ESG objectives, KPMG Canada also purchased emission allowances to offset its CO2 emissions. The press release did not clarify how many allowances KPMG Canada charges per bitcoin, but did state that the purchase of allowances meets the company’s commitment to reduce the company’s carbon footprint to “net-zero.”

KMPG Canada made the investment through the American exchange Gemini. Presumably they also have the management carried out by them.

KPMG

KPMG is a leading and one of the four largest accountancy firms in the world. With some 219,000 employees in 147 countries, it is at the heart of the traditional financial sector. Their clients include reputable organizations and authorities, and as an audit and accountancy firm they are of course very familiar with regulatory compliance, tax and accounting.

The investment in bitcoin by KPMG Canada therefore sends an important signal. It can reduce doubts and have a legitimizing effect on other institutional parties or even governments.

KPMG has been offering various types of services related to bitcoin for some time through its Cryptoasset and enterprise blockchain services division . The inclusion of bitcoin on the company balance sheet seems to be a follow-up step in the company’s embrace of bitcoin.

Perhaps there is also a little bit of marketing behind the press release. More and more companies, and even municipalities and countries, are using investments in bitcoin as a way to turn the spotlight on themselves, connect with the bitcoin community and show that their doors are open to the industry.

Other financial service providers are also increasingly focusing on bitcoin. For example, most major banks now seem to be working on including bitcoin services in their services.

s: Wikimedia

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